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as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets, none of which have ever come to balance. the house republicans have acted responsibly, our budget is yet to balance, so what we will do is put together a budget that balances in a ten-year time. all it does tomorrow it says to the president tell us when you'ryourbudget balances. it is important to do that because we have our principled solutions with the program. liz: used a dozen state when the budget would be balanced, is that it? >> we have had to end dollars deficit of the past four years in the past for budgets by this president have never come into balance ever in the 75
as the president talks up, how to reduce the deficit and avoid spending cuts. we're learning the budget deficit will top $845 billion this fiscal year even with massive tax hikes and assuming the spending cuts do kick in. congressman tom price pushing the president to balance the budget and says this new report is proof we can't do that by hiking taxes. what about that? we're still going to be deep into the red. >> good to be with you. the president has put forward for different budgets,...
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. >>> stocks are higher on wall street following a report showing the trade deficit narrowed in december, the markets also getting a boost from strong earnings reports from them. the dow up 32. the nasdaq actually closing in on a 12 year high of 27. s & p up 6. >>> palo alto based hewlett- packard has issued new rules from the use of student labor by its suppliers and factories overseas, they say the move is in response to complaints that chinese factories have been using student labor, in many parts of china factories lure them with promises of internships or temporary assignments, often using forged documents, their movements are also restricted, the require limited stands and the freedom to leave. >>> if love is blind it might also be broke after that. americans plan to spend 18.6 billion dollars to show their affection. men will account for 2/3 of that and averages out to $131 per love struck consumer. as always the big sellers are expecteded to be candy, flowers and jewelry. >>> today on ktvu channel 2 news at 5:00 we are following multiple developing stories right now, tracking dow
. >>> stocks are higher on wall street following a report showing the trade deficit narrowed in december, the markets also getting a boost from strong earnings reports from them. the dow up 32. the nasdaq actually closing in on a 12 year high of 27. s & p up 6. >>> palo alto based hewlett- packard has issued new rules from the use of student labor by its suppliers and factories overseas, they say the move is in response to complaints that chinese factories have been using...
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. >>> and nancy pelosi says the cuts will not reduce the federal did he deficit. >>> and the new i-pad app is ready for you to download. you can get drive time traffic. video with breaks news any time, anywhere. [ woman ] my boyfriend and i were going on vacation, so i used my citi thankyou card to pick up some accessories. a new belt. some nylons. and what girl wouldn't need new shoes? and with all the points i've been earning, i was able to get us a flight to our favorite climbing spot, even on a holiday weekend. ♪ things are definitely... looking up. [ male announcer ] with no blackout dates, you can use your citi thankyou points to travel whenever you want. visit citi.com/thankyoucards to apply. >>> 3 people died today when a helicopter crashed on a southern california ranch used by a film production company. it happened around 4:00 this morning south of palm dale in los angeles accounted county. a spokesman said a reality show was being filmed at the time of the crash but exactly why the aircraft went down is unknown at this time. >>> ambulances, helicopters and hiltary vehicles
. >>> and nancy pelosi says the cuts will not reduce the federal did he deficit. >>> and the new i-pad app is ready for you to download. you can get drive time traffic. video with breaks news any time, anywhere. [ woman ] my boyfriend and i were going on vacation, so i used my citi thankyou card to pick up some accessories. a new belt. some nylons. and what girl wouldn't need new shoes? and with all the points i've been earning, i was able to get us a flight to our favorite...
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increasingly frustrated that the solution to decades of deficit spending is more taxation. >> the president doesn't believe we have a spending problem. he believes spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. washington has to deal with its spending problem. i watched him kick the can down the road, i have had enough of it. >> a day after they dismissed the suggestion to again postpone tens of billions of dollars of mandatory spending cuts and other departments blooming under what is sequestration the defense secretary renewed his dire warnings. >> my greatest concern today is that we are putting our national security at risk by lurching from budget crisis to budget crisis. >> downgrading the entire civilian workforce and freeze pay for members of congress. >> this is a way of doing it without cutting defense system without cutting domestic and without raising taxes. >> they plan me with the joint chiefs to show how dangerous it can be. the cuts will be. lou: thank you. it is of course no accident the pentagon chose today to foc
increasingly frustrated that the solution to decades of deficit spending is more taxation. >> the president doesn't believe we have a spending problem. he believes spending causes economic growth. if that were true, the economy today would be thriving. it isn't thriving. washington has to deal with its spending problem. i watched him kick the can down the road, i have had enough of it. >> a day after they dismissed the suggestion to again postpone tens of billions of dollars of...
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Feb 6, 2013
02/13
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they have $3 billion in tax increases against a $845 billion deficit. the point that you make is a good one. the president and he drove this thing in august of 2012. h20122011. he wanted the sequester. read woodward's book in page 226 or some where in this and the deep cuts in defense thinking at the time that would put enough pressure on republicans to get them to agree to higher tax. here we are he wants this thing delayed yet again but to be fair there has been a solution put forward. the house of representatives has not once but twice passed legislation that would replace the sequester and the deep defense cuts which do cause damage to our national security and our readiness with other cuts also in the budget. and that is something that has been rejected by the democrats here on capitol hill and by the president. >> greta: what i don't get is the gal to come out and ask for mother delay. i can't delay showing up for my job and neither canmy american. we can't keep asking for the delays and he says the economy is headed in the right direction. maybe
they have $3 billion in tax increases against a $845 billion deficit. the point that you make is a good one. the president and he drove this thing in august of 2012. h20122011. he wanted the sequester. read woodward's book in page 226 or some where in this and the deep cuts in defense thinking at the time that would put enough pressure on republicans to get them to agree to higher tax. here we are he wants this thing delayed yet again but to be fair there has been a solution put forward. the...
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Feb 11, 2013
02/13
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we have a budget deficit problem that we have to address. we think the deficit and the national debt are at immoral levels. we think they must be reduced. we're sick and tired of paying interest on a national debt and that 15% is a large percentage of the national budget. >> bottom line, you could live with the sequester if it happens? >> i don't wa want to live with the sequester. they do not make sense and we're going to hurt a lot of people and it's up to the president really to act now. the tax fight for the president means higher taxes, more revenue. again, we can't be raising taxes every three months in this town, 2k5i6d. you know, the bottom line is we want tax reform but we want to plug those loopholes that the president talks about to bring down tax rates because we believe that's pro growth and we can get an economy going again. let people who earn money keep more of it. the president is not talking about that. what he's talking about is trying to raise more taxes. >>> police in chicago are questioning two persons of interest in th
we have a budget deficit problem that we have to address. we think the deficit and the national debt are at immoral levels. we think they must be reduced. we're sick and tired of paying interest on a national debt and that 15% is a large percentage of the national budget. >> bottom line, you could live with the sequester if it happens? >> i don't wa want to live with the sequester. they do not make sense and we're going to hurt a lot of people and it's up to the president really to...
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annual deficits continue to shrink until 2017 when interest and health care costs begin increasing deficits again. in the next 10 years, cbo says the u.s. will add almost $7 trillion to the national debt. the problem mostly? entitlements? the fix? painful. >> it is possible to keep tax revenues at that time their historical average percentage of gdp but only making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people. >> now on the other side elmendorf says you can keep benefits the same but you've got to raise taxes substantially. let's go to the economic forecast here. cbo expects unemployment to average 8% this year and 7.6% next year, marking six straight years above 7.5%. that is the first time that happened in 70 years. as for growth, cbo expect as sluggish economy this year and growth to pick up next year. back to you. david: rich, all of these forecasts are subject to change. i haven't seen a growth forecast that has been accurate, i think in my lifetime? >> know it's funny, we kept asking are you certain about this detail? dou
annual deficits continue to shrink until 2017 when interest and health care costs begin increasing deficits again. in the next 10 years, cbo says the u.s. will add almost $7 trillion to the national debt. the problem mostly? entitlements? the fix? painful. >> it is possible to keep tax revenues at that time their historical average percentage of gdp but only making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people. >> now on...
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will it bust the rainfall deficit? no. only .25" of rainfall. buttoned of the week will be showery both thursday and friday with a chance of showers. a little bit of fog tomorrow morning along the coast north bay valleys, then we're sunny. showers will get here thursday morning. we will have on-and-off showers for two days both thursday and friday. highs tomorrow upper 50s close to average. but with the breeze it will feel chilly. 58 concord and san jose. palo alto tomorrow 57. pleasant hill 59. hump day san ramon 57 degrees. napa 58. and mid-50s for kentfield, mill valley, sausalito and san francisco. we are looking at an extended forecast with that chance of showers on thursday and friday. over the weekend, here comes the sunshine once again. but it will still be brisk upper 50s, low 60s. next week we are dry once again. we'll be right back. well, well, well. growing up, we didn't have u-verse. we couldn't record four shows at the same time. in my day, you were lucky if you could record two shows. and if mom was recording her dumb show and dad
will it bust the rainfall deficit? no. only .25" of rainfall. buttoned of the week will be showery both thursday and friday with a chance of showers. a little bit of fog tomorrow morning along the coast north bay valleys, then we're sunny. showers will get here thursday morning. we will have on-and-off showers for two days both thursday and friday. highs tomorrow upper 50s close to average. but with the breeze it will feel chilly. 58 concord and san jose. palo alto tomorrow 57. pleasant...
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. >> the president wants lawmakers to find a balanced approach to deficit reduck. he said he wants sensible changes and reforms to the tax code. the sequester could cost jobs in education and security. funding forehead start, medical research and small businesses would be cut. >> we are learning more about the president's state of the union address set for next tuesday night. themes include job creation, immigration reform, trimming the 16 trillon dollar debt and gun violence. survivors of the connecticut shooting will attend. nancy pelosi has, invited a student from another school. >>> the first lady will attend the funeral of a chicago honor student today. police say that the 15-year-old was shot last month in a park about a mile away from the obama's chicago home. investigators say she was not the intended target. just a week before she preformed with her band at the inauguration. an event that she called a highlight of her life. no arrests have been made. >> a chance to own a piece of the nosema the niners in santa clara how you can make a lasting impression an
. >> the president wants lawmakers to find a balanced approach to deficit reduck. he said he wants sensible changes and reforms to the tax code. the sequester could cost jobs in education and security. funding forehead start, medical research and small businesses would be cut. >> we are learning more about the president's state of the union address set for next tuesday night. themes include job creation, immigration reform, trimming the 16 trillon dollar debt and gun violence....
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we should care about the deficit. we should care about the difference between what a government spending and what a government is collecting in revenues. extremely important to we should also to about the size of government. we should care about both i. and what we have done over the past several years is we have a limited concerns about the deficit. we have done that to a large extent by increasing the size of government and the tax burden to get bigger, is the fewer resources there are for california dems and california businesses to do what they want to do with them. and so you've got to take both of those into account. and i think that one of my concerns is, if we simply say deficits are not a problem, everything is better, what we are ignoring is that other dimension because in reality what happens, the policymakers are making to decisions. wonders whether they're deciding about deficits or surpluses. they're deciding are going to borrow from our state's future income. but when a decision on the size of governmen
we should care about the deficit. we should care about the difference between what a government spending and what a government is collecting in revenues. extremely important to we should also to about the size of government. we should care about both i. and what we have done over the past several years is we have a limited concerns about the deficit. we have done that to a large extent by increasing the size of government and the tax burden to get bigger, is the fewer resources there are for...
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. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big spending cuts. >> right. >> it was a deficit reduction package that worked. they continued to do more deficit reducing package with newt gingrich on the spending side throughout the decade and we're on our way to a surplus. >> that's right. i've been calling it the undecade, the 1990s has been written out of their record. they would have you believe that it was always the way it was under reagan and then bush. >> why don't they just say, leave off the clinton tax increase, which helped a lot, and just claim they did it for spending cuts? >> because if they do, if they admit that something nice happened in the '90
. >> i want to listen to something that john boehner said about how we have handled deficits over the years. let's listen to this. >> at some point, washington has to deal with its spending problem. now, i've watched them kick this can down the road 22 years that i've been here. i've had enough of it. it's time to act. >> that is -- i'm trying to think of a word other than lie. kick the can down the road? we had a big tax increase in 1993 with president clinton along with big...
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how the governor and california universities plan to battle the budget deficit while also helping students. >>> give you a live look outside at the sunol grade. pretty quiet out there on bay area highways this second sunday of february. time now is 8:42. it's not a candy bar. 130 calories 7 grams of protein the new fiber one caramel nut protein bar. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant >>> hello san jose. you're looking a the mostly clear skies overhead 38 degrees with a light breeze. >>> nasa rover curiosity has successfully drilled a hole into the mark on mars. it's the first time the hole has ever been drilled on the planet and powder samples are now being analyzed. the rock shows possible evidence that wet environments may have existed there. >>> there is a new u.s. commander at the helm of u.s. investigate evers to afghanistan. he is to oversee the withdraw of troops. despite the change in command the goal of the coalition forces is still the same. >> what has not changed is the discipline and the spir
how the governor and california universities plan to battle the budget deficit while also helping students. >>> give you a live look outside at the sunol grade. pretty quiet out there on bay area highways this second sunday of february. time now is 8:42. it's not a candy bar. 130 calories 7 grams of protein the new fiber one caramel nut protein bar. of green giant vegetables it's easy to eat like a giant... ♪ and feel like a green giant. ♪ ho ho ho ♪ green giant >>>...
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Feb 9, 2013
02/13
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trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely boosted growth in the last three months of 2012. >> so this is a good sign that exports were a little stronger than we thought when the numbers were first estimated and that is obviously a good sign for the economy. again, the economy is obviously growing way too slowly, but at least on this note, i think it will be revised upward. energy is a now a bright spot for the u.s. economy. thanks to new fracking technology, surging domestic production cut crude oil imports last year by 227 million barrels. but that success was offset somewhat by i
trade deficit fell sharply last month. the combination now has economists believing the economy grew in the last few months of 2012, even though data out last week showed the economy fell slightly in the fourth quarter. but a closer look shows some cause for caution. darren gersh reports. >> reporter: the december trade numbers were much better than forecasters expected. the deficit between what the u.s. exports and what we import fell 21% to $38.5 billion. and that means exports likely...
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the economy grows if the deficit goes down. shrinks if the deficit goes up. you argue the deficit doesn't matter now. do you disagree with the government projections? >> the cbo report is reasonable. it says that we wish we had lower debt. if we look at the long-term it would be nice to pay down the debt but it doesn't show a crisis. trying to slash the deficit now will deepen the clear and a present danger which is high unemployment and on going economic slump. i thought -- i found the cbo report supportive of what i'm saying. our priorities should be jobs, not the deficit. >> i want your reaction to something dave camp told us, chairman of the house ways & means committee. he said we need an equitable approach to cutting and spending. i want your reaction to it. >> sure. >> what we need now is the ekd part of the balanced approach the president called for in december. the beginning of reigning in debt and deficits. on the president's commission, they said when the debt gets to this level of the economy it costs us millions of jobs. >> yeah. so there is not
the economy grows if the deficit goes down. shrinks if the deficit goes up. you argue the deficit doesn't matter now. do you disagree with the government projections? >> the cbo report is reasonable. it says that we wish we had lower debt. if we look at the long-term it would be nice to pay down the debt but it doesn't show a crisis. trying to slash the deficit now will deepen the clear and a present danger which is high unemployment and on going economic slump. i thought -- i found the...
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we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you think about the single mom working 12 hours a day and her paycheck does not take her to the end of the month on food. what she realizes and has been a responsible mom, but realizes after she makes the decision to have her child not have an abortion is that her paycheck is not going to help her feed her infant. the women infant children program not only feeds these families, it also teaches them about nutrition and how to be healther and live healthier lives. this is important for families and the economy. we are helping people stay healthy longer and one of
we should bring the deficit down, but we have time. we should take the cuts off the table and think about how to get the economy going. if people work again, we are on the road to solving the problem. >> to that point and looking at the cuts you have been pointing out to head start and cuts to wic, the women, infant and children nutritional assistant program, they are penny wise and foolish and may be making things worse in the long run. >> i'm glad you raised that, crystal. if you...
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Feb 12, 2013
02/13
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government investment in education and infrastructure while also acknowledging the need to reduce the deficit with new taxes and budget cuts. the white house also says his top priorities are the same as they have been, creating jobs and growing the middle class. >>> apple ceo tim cook is one of the invited guests. he's expected to watch the state of the union with the first lady. last year she was joined by steve jobs' widow. the first lady has also invited military families and victims of gun violence. our live coverage of the state of the union starts at 6 p.m. following ktvu channel 2 news at 5:00. then at 7:30 we'll break down the president's speech and gop response with our political analyst. >>> temperatures are trending upward, but how high will they climb tomorrow? >> robbers hold up a local bank, the latest on the standoff. >> a heated meeting in the south bay, in just 90 seconds the reported death threat against a local businessman and the debate over his controversial gun shop. >>> a heated meeting just wrapped up concerning a new store in the south bay that sells guns. ktvu's matt
government investment in education and infrastructure while also acknowledging the need to reduce the deficit with new taxes and budget cuts. the white house also says his top priorities are the same as they have been, creating jobs and growing the middle class. >>> apple ceo tim cook is one of the invited guests. he's expected to watch the state of the union with the first lady. last year she was joined by steve jobs' widow. the first lady has also invited military families and...
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trade deficit dropping 21% in december for $38.6 billion. that's the lowest level in nearly three years. helped out by a rise in imports thanks in particular to a big jump in oil production here in the united states. lowest level of oil production since february 1997 social networker linked in reported its earnings after the closing bell topping expectations revenue up 80% to over $300 million. linkedin stock is taking off this morning at 17% after the opening bell. linkedin has done much better than social media companies out there. numbers up on the trade data. dow up 43. close to 14,000 again. nasdaq up 23. s&p up by 6. back to you. >> thank you, jason brooks. >>> the lone star state makes a pitch for workers in california and we are counting down to the opening of the new east span of the bay bridge and kpix 5 political insider phil matier with former mayor willie brown joins us now on this friday. mayor brown we kick it off with you. what took so long? will the bridge open on time? [ laughter ] >> what you caught him on, frank, is what
trade deficit dropping 21% in december for $38.6 billion. that's the lowest level in nearly three years. helped out by a rise in imports thanks in particular to a big jump in oil production here in the united states. lowest level of oil production since february 1997 social networker linked in reported its earnings after the closing bell topping expectations revenue up 80% to over $300 million. linkedin stock is taking off this morning at 17% after the opening bell. linkedin has done much...
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we believe there is a better way to reduc the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year. that's compared to $1.1 trillion short fall. the outlook predicts the improvements will not last. it warns that an aging population will drive up retirement spending and rising interest rates will put the debt at unsustainable level it's current laws remain in place, debt by 2023 will equal 77% of gross domestic product. that is roughly double the 39% average seen over the past 40 years. >>> coming off the republicans' bruising defeat, eric cantor is looking to rebrand his party n a speech at a d.c. think tank, he moved away from his combative tone expressing a need to work on issues with president obama important to t
we believe there is a better way to reduc the deficit but americans do not support sacrificing real spending cuts for more tax hikes." >>> efforts by the white house to head off spending cuts come as a new government report predicts the budget deficit will drop below $1 trillion for the first time during obama's presidency. the congressional budget office which assumes that the cuts will go into effect march 1st says the government will run a deficit of $845 billion this year....
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trade deficit sank nearly 21% in december to $38.5 billion. that is the biggest drop in four years. analysts expected it to drop but not by that much. >>> the wall street journal reports u.s. airways and american airlines could announce a merger as early as tuesday. some are scheduled to meet on monday and the boards could meet later that same day. analysts say both airlines would benefit since they have few over lapping roots. >>> time now 5:52. court arguments over a bay area suicide. how first responders are defending themselves. >>> a new day a new tattoo for 49er star quarterback colin kaepernick. what he says the design represents. >>> a few showers around. partly cloudy and a cool breezy day. highs in the low 50s. >>> a judge may decide today if a family of a drowning man can sue the city of alameda. this incident happened memorial day 2011. it made nation-wide news. raymond zach died on a beach in alameda as rescuers watched him on shore. they could not help the man because they were not certified in water rescues. they call it a tragic situation but they.edu not have the le
trade deficit sank nearly 21% in december to $38.5 billion. that is the biggest drop in four years. analysts expected it to drop but not by that much. >>> the wall street journal reports u.s. airways and american airlines could announce a merger as early as tuesday. some are scheduled to meet on monday and the boards could meet later that same day. analysts say both airlines would benefit since they have few over lapping roots. >>> time now 5:52. court arguments over a bay...
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the sequester is designed to get the deficit under control, but economists are worried that the cuts are so deep, they'll trigger a recession. today, the president called on congress to pass a budget package to avoid the sequester or at least delay the shock. >> if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically damaging effects of the sequester for a few more months until congress finds a way to replace these cuts with a smarter solution. >> pelley: in an interview on sunday, we asked the president about all of this. we found out last week that the economy actually shrank in the last three months of last year. if the federal spending cuts that are on tap for march actually take effect, will that push the country into recession? >> i don't know if it will push the country into recession, but here's what we know. the reason that the economy shrank a little bit, despite the fact that housing is recovering, manu
the sequester is designed to get the deficit under control, but economists are worried that the cuts are so deep, they'll trigger a recession. today, the president called on congress to pass a budget package to avoid the sequester or at least delay the shock. >> if they can't get a bigger package done by the time the sequester is scheduled to go into effect, then i believe that they should at least pass a smaller package of spending cuts and tax reforms that would delay the economically...
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he put forward a proposal for avoiding that outcome while congress continues working on longer term deficit reduction. that's the sensible thing to do. why make-- why punish the american people because you haven't been able to achieve your ideological objectives through other means? >> sreenivasan: in another development, the associated press reported the u.s. military is cutting back from two aircraft carriers to one, in the persian gulf. the report cited u.s. officials who said it's a direct response to the looming, across-the-board cuts. u.s. and british regulators have fined the royal bank of scotland more than $610 million for manipulating a key interest rate. the u.s. commodity futures trading commission said today that r.b.s. made hundreds of attempts to manipulate the rate known as libor. it's a global benchmark for rates on everything from home mortgages to credit card payments. two other banks-- barclays and u.b.s.-- have already been fined for their roles in the scandal. wall street mostly stayed where it was today. the dow jones industrial average gained seven points to close at
he put forward a proposal for avoiding that outcome while congress continues working on longer term deficit reduction. that's the sensible thing to do. why make-- why punish the american people because you haven't been able to achieve your ideological objectives through other means? >> sreenivasan: in another development, the associated press reported the u.s. military is cutting back from two aircraft carriers to one, in the persian gulf. the report cited u.s. officials who said it's a...
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the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax and spend, it lives on and so does our massive debt. reality check, "varney & company" is about to begin. [ shapiro ] at legalzoom, you can take care of virtually all your imptant legal matters in just minutes. protect youramily... and launch your dreams. at legalzoom.com we put the law on your side. >> first up this wednesday morning, gas prices, yes, they are still on the rise. national average for regular up more than a penny, now at 3.54. just in the past month the price of gas spiked about 25 cents a ga
the deficit. this year it will be below a trillion dollars, that's what the pundits focused on and ignored the grim reality. in fact, our debt is headed toward the worst levels in post war america. worst, the economy will show a masly 1.4% growth. unemployment rise to 8%, stay at very high levels for years, and 7 million people will lose their health care coverage under obamacare. that came within hours of president obama's call for more tax increases on the rich and put off spending cuts. tax...
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Feb 12, 2013
02/13
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FBC
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the united states report it a total trade deficit of just about $728 billion. that's a trillion dollars wing. -kendis is without any question. a trillion dollars wing. china also posted an over 8% increase in its gdp in the latest quarter compared to our stunning decline. it's unimaginable the thing that that growth rate feels light -- china's latest unemployment rate , unemployment, unemployment rate of 4%. and china's government debt, yes, they have a debt. ours is a 16 and a half trillion dollars in debt. but you know what, i can't believe that the chinese feel a little bit better about tears because are going to add another trillion dollars hours. meanwhile, the united states those china almost 2 trillion. there is no counterweight. it's a little problem for us to know what is after all the communist nation almost $2 trillion we are big shot capitalists. what is wrong? we are going to be talking about that very issue throughout the week, looking at how the united states model comparison europe's model. is the communist model any more sustainable? if no one
the united states report it a total trade deficit of just about $728 billion. that's a trillion dollars wing. -kendis is without any question. a trillion dollars wing. china also posted an over 8% increase in its gdp in the latest quarter compared to our stunning decline. it's unimaginable the thing that that growth rate feels light -- china's latest unemployment rate , unemployment, unemployment rate of 4%. and china's government debt, yes, they have a debt. ours is a 16 and a half trillion...
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Feb 9, 2013
02/13
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FOXNEWS
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it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead with his policies and that's where we are now, we've got to deal with the long run and forget about the short-term. >> brenda: and john, that's actually only one more quarter of negative gdp we'll be in recession? >> sorry about that. >> all cuts are good as far as i'm concerned, but a meat ax is a little bit of exaggeration, this is more like a butter knife that these cuts are so small, there's nothing there and he what i would like to see is the government take more of a private sector approach, like a businessman and say, let's evaluate what we have 'cause many of these government programs ove
it's-- we are facing a situation with these deficits that in three or four more years, the deficit's going to be down to 600 or 700 billion dollars a year which is an enormous amount of money and then we're going to have another recession and it's going to go up to 1.5 or even more trillion dollars and we're not going to be able to deal with it and if we have inflation which we're going to have at some point we won't be able to pay the debt service. and now it's in the long run we'll be dead...
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Feb 6, 2013
02/13
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WTTG
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the president's bipartisan commission came up with a deficit reduction plan. i think we're back to ground zero again. but it doesn't feel like it this time. i don't know why. i think frankly it's going to happen. >> got about five seconds. final words. >> more government in business than you like to admit. >> we will see. unfortunately it's not too far from now where we will see. we'll be right back. thank you, gentleman. ♪ ♪ i'm halfway to your heart ♪ you have to let me know ♪ so i don't make my worst mistake ♪ ♪ turn around and let you go [ female announcer ] when sweet and salty come together, the taste is irresistible. made with sweet, smooth peanut butter and salted, roasted peanuts. sweet and salty nut bars by nature valley. nature at its most delicious. >>> the voting is over. now, today is the day your monopoly board will get a make over. hasbro will announce which game piece it will eliminate. remember we talked about this a while back. and as you can see on the graph, the shoe, the wheelbarrow and the iron are in the danger zone. whichev
the president's bipartisan commission came up with a deficit reduction plan. i think we're back to ground zero again. but it doesn't feel like it this time. i don't know why. i think frankly it's going to happen. >> got about five seconds. final words. >> more government in business than you like to admit. >> we will see. unfortunately it's not too far from now where we will see. we'll be right back. thank you, gentleman. ♪ ♪ i'm halfway to your heart ♪ you have to let...
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Feb 11, 2013
02/13
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CNBC
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we have done $2.5 trillion in deficit. it's brought the deficit down, but not enough. we're not under 3% as a percentage of our economy and our -- >> gene, we still have $16.5 trillion in debt. let's talk about the here and now. the $16.5 trillion in debt. it's getting higher, not lower. our audience knows this. >> marimaria, obviously your audience what they care about is as a country to have a stable debt as a percentage of their economy. is their deficit below 3% so that your debt as a percentage of your economy is coming down and stabilized. that's what gives people confidence to invest. and that's been the goal i think of both parties. now, we have lowered the deficit. the projection of deficit as percentage of our economy. but we're seeing it's not enough. that's why this president is willing to go forward with an additional $1.8 trillion in deficit reduction which is what was the remaining amount that was on the table when he was speaking with speaker boehner and negotiating. now, the president's still willing to put that offer on the table with all the difficul
we have done $2.5 trillion in deficit. it's brought the deficit down, but not enough. we're not under 3% as a percentage of our economy and our -- >> gene, we still have $16.5 trillion in debt. let's talk about the here and now. the $16.5 trillion in debt. it's getting higher, not lower. our audience knows this. >> marimaria, obviously your audience what they care about is as a country to have a stable debt as a percentage of their economy. is their deficit below 3% so that your...
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if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make the case we should cut spending short term to help our children down the road or ourselves depending how long you are, people poo-poo that is not like real math s that real math we saw on the bar charts? >> that is real math and the second example of that real math is what the cbo put out which says, suppose you do nothing? well, then we have a fault turf bad growth. their long-term growth rate for the u.s. has been marked down from 2 1/2% a year ago to 2.2%. and that's testimony to a staggering debt burden this economy is bearing. whether you look at it as the bad
if we cut the deficit we see a major bump 10 years, down the road. look at that even though the economy will take a hit in the short term. when it comes to the deficit, shouldn't we focus on the long game here i'm wondering? here with more is former director of the congressional budget office, douglas holtz-eakin. thanks so much for joining us. >> thank you. melissa: i was so excited the cbo finally went out and quantified this and tried to illustrate it to people. anytime you try to make...
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Feb 7, 2013
02/13
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KBCW
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we'll get some showers, but anything to put a dent in our rainfall deficit i don't see coming from the system. we'll talk about any other chance was rainfall coming up. >>> checking bay area headlines, muni is blaming a stray bolt for a cable car accident that sent seven people to the hospital. it stopped the train abruptly. investigators are trying to particular out how the bolt got into the track. >>> workers at a uc berkeley office in emeryville are trying to figure out why a bomb threat was phoned in. it forced the evacuation of two buildings this morning. an intensive search turned up nothing. >>> investigators are looking for the source of a fatal fire in san leandro. the body of a man was found inside the burning home on neptune drive just before dawn. first responders performed cpr but could not revive him. >>> the dot com hiring boom is back. the growth is not just high-tech. the technology hiring is having a ripple effect fuelling a sunge in -- surge in construction too. and that means materials are needed and a workforce to supply them. >> reporter: from garden to paint to h
we'll get some showers, but anything to put a dent in our rainfall deficit i don't see coming from the system. we'll talk about any other chance was rainfall coming up. >>> checking bay area headlines, muni is blaming a stray bolt for a cable car accident that sent seven people to the hospital. it stopped the train abruptly. investigators are trying to particular out how the bolt got into the track. >>> workers at a uc berkeley office in emeryville are trying to figure out why...
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Feb 8, 2013
02/13
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KTVU
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this after a report showed the united states trade deficit narrowed sharply in december. stocks are also boosted by strong earnings reports. the dow up 62. the nasdaq is up 26. >>> the united states justice department is considering a lawsuit against moody's for defrauding investors. it's sources say the government could wait until that has worked its way through the courts before taking action against moody. both services accused of inflating the ratings of some mortgage bonds to drive business leading to the subprime meltdown. >> will -- the gains are look for another sweep. pam cook is in studio now with what goes on outside the ballpark. >> reporter: that's right. the giants are asking you to join the team in another big sweep. >> the giants have won it all. playing off the sweep in the world serious they are teaming up with public works to clean up the streets of san francisco. san francisco has been voted one of the dirtiest cities in the country and if you have been there recently or live there you know there is a lot of trash on the streets. the mayor is revealing
this after a report showed the united states trade deficit narrowed sharply in december. stocks are also boosted by strong earnings reports. the dow up 62. the nasdaq is up 26. >>> the united states justice department is considering a lawsuit against moody's for defrauding investors. it's sources say the government could wait until that has worked its way through the courts before taking action against moody. both services accused of inflating the ratings of some mortgage bonds to...
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Feb 8, 2013
02/13
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CNBC
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in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over entirely. if you extrapolate a 5% or 6% return we've had so far this year, we'll have one of the greatest stock markets of all time in the face of, you know, good earnings but not great earnings, in the face of still slow growth. i think that's a little unrealistic so we'll probably get a little bit of a pullback, unusual if we didn't. still recommending a substantial allocation to equities. this year looks like last year, political uncertainty. last year was a good year for stocks. as for stocks versus bonds, i've been thinking it was the end of a 30-year bull market in bonds for the past three years. by the sa
in many ways between the fed and the deficit spending on the deficit level, even though it's going to be smaller this year, it's hard to beat, that so i think the sequester, where we really demonstrate that the growth in many ways is paid for because when you stop it's going to take away jobs, those kind of black reality swans will be the issue for the market ahead. >> brian gendron, where are you on this and how do you want to be invested? >> we don't think this rally is over...
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Feb 10, 2013
02/13
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MSNBCW
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they see big deficits. this is an opportunity to real against deficits and of course what you must do is cut social security benefits for some reason to deal with the current deficit and so that's a big part of it. and that influences the debate. the other thing is there are a lot of people in d.c. who posture, whose persona is that of being serious and you show that by being lling to impose suffering and cuts. the serious thing to do right now to spend is very, very. so they don't -- i think they just find it hard to even wrap their minds around the notion that the opposite of what they usually call for is what you need to do right now. >> and i think that's particularly true in the case after financial crises. in your earlier book you talk about the idea that there's a sense -- deep intuitive moral sense in which people feel you need to pay penance, right? >> right. >> if there's been crisis, there's been sin, and the only way to get oust sin is penance, and you have a great argument about that in your bo
they see big deficits. this is an opportunity to real against deficits and of course what you must do is cut social security benefits for some reason to deal with the current deficit and so that's a big part of it. and that influences the debate. the other thing is there are a lot of people in d.c. who posture, whose persona is that of being serious and you show that by being lling to impose suffering and cuts. the serious thing to do right now to spend is very, very. so they don't -- i think...
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Feb 7, 2013
02/13
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WBAL
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. $745 million includes a budget deficit, failing infrastructure as well as health care and pension benefits accounts for $1.30 billion of the potential shortfall. >> if we act now we cabn teens the trajectory. >> the mayor highlights of your key themes for cuts including identifying strategies to align recurring revenues, reducing property and income taxes, addressing infrastructure, and addressing the city's long-term liabilities. the mayor says she will get more specific about what cuts will be made during her state of the city address next week. if you'd like to take a closer look at our report, you can go to our website, wbaltv.com. >> president obama is hoping to get more democrats to support his second term plans. a push that came through annapolis today. he addressed senate democrats at a closed-door retreat. he delivered a preview of next week's state of the union speech in hopes of getting more lawmakers to back his efforts to reform medicare and immigration as well as his budget plans and assault weapons ban. today we learned florida senator marco rubio will deliver the republican
. $745 million includes a budget deficit, failing infrastructure as well as health care and pension benefits accounts for $1.30 billion of the potential shortfall. >> if we act now we cabn teens the trajectory. >> the mayor highlights of your key themes for cuts including identifying strategies to align recurring revenues, reducing property and income taxes, addressing infrastructure, and addressing the city's long-term liabilities. the mayor says she will get more specific about...
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Feb 6, 2013
02/13
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CSPAN2
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it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23 million people that have health insurance that didn't have it before. it's not free. it comes at the cost. everyone understood it came as a cost. it was paid for in part by tax increases and cuts in other government health care spending. it was not all on the revenue side. the other thing that is important for the congressional budget office said it reduced the it in the first decade, which is what they look at if you look in the the second decade, we think it will reduce the deficit even more. i think they were in fact giving credit and thinking it would slow the growth rates of some of the health care spe
it reduces deficit even though it increases government health spending and reduces the deficit because it's got tax increases that are bigger than the increases in spending response to the extent that our medium and long-term problem is driven by demographic and the growth on health care spend withing the law has made the second of those worse. >> i think that is not , i mean, you're absolutely right. there's no question that we expanded -- coverage to mills of americans. i think 23...